Owner
Post by Franko10 ™ on Dec 20, 2007 11:15:26 GMT -5
Dear CMKX Owners Group Members,
www.ragingbull.lycos.com/mboard/boards.cgi?
board=CMKI&read=193048
On April 5, 2006 the DTCC issued a letter to all its participants
regarding CMKM shares that were on deposit at the DTCC. If you have
not seen the letter, it can be found at
www.dtc.org/impNtc/reo/reo_9516-06.pdf
The DTCC has been communicating with representatives of the Task
Force for several weeks. It has been apparent to me that the DTCC is
encouraging its participants to withdraw their certs from deposit at
the DTCC. The participants are the thousands of broker/dealers,
banks and clearing firms that use the services of the DTCC. As I
understand the process, the participants are being asked to send the
DTCC WT's (withdrawal by transfer instructions) so the DTCC can then
forward that participant's respective cert (or holdings) to the
transfer agent for change into the name of the beneficial owner. The
DTCC would then not have a depository position as to the shares
represented by this transfer request. There have been DTCC
participants (broker/dealers, banks and clearing firms) that for
some reason have either refused or neglected to order WT's of their
positions even though such action has been clearly called for since
November of 2005. The original deadline by CMKM for shareholders to
obtain their certs was December 31, 2005 as mentioned in this letter
from the DTCC. We had been seeing correspondence between the DTCC
and various broker/dealers for several months noting that the DTCC
was requesting that its participants obtain certs per the requests
of CMKM. Several firms complied promptly to the directions of the
DTCC and now have no security position in CMKM at the DTCC.
This directive dated April 5, 2006 was prepared by the DTCC
officials as an internal memo to its participants. It is apparent
that the DTCC wished to allow its participants the option to
voluntarily request withdrawal of their certs by April 14, 2006. It
is equally apparent that the DTCC is telling its participants that
if any respective participant does not withdraw all CMKM certs on
deposit or request that the DTCC transfer the participant's certs to
the Transfer Agent, then the DTCC will perform this task for the
participant. We have received many inquiries regarding the meaning
of this directive from the DTCC. The letter is self explanatory. By
May 15, 2006, the DTCC will have no CMKM on deposit if the acts set
out in this letter occur.
What does this mean to the participants? Once the DTCC forwards all
certs to the transfer agent or its participants, the beneficial
owners and customers of the participants must look exclusively to
their respective broker for their cert. The brokers can no longer
blame the DTCC or the Transfer Agent for any failure to provide a
cert to its customers.
As one of the members of the Task Force, I can tell you I am very
concerned because we do not anticipate any additional extensions
beyond May 15, 2006. We continue to receive communications from
shareholders who are unable to obtain certs from their brokers. The
actions of the DTCC will assist the Task Force in its efforts to
complete the distribution list of shareholders that will receive
their Entourage stock.
I am making my final recommendations to the other members of the
Task Force as to the final mail out to come shortly from the
company. When the company approves the final mailout to the
shareholders, I will comment further with more details about the
implementation of that mailout.
Onward,
Bill
www.ragingbull.lycos.com/mboard/boards.cgi?
board=CMKI&read=193048
On April 5, 2006 the DTCC issued a letter to all its participants
regarding CMKM shares that were on deposit at the DTCC. If you have
not seen the letter, it can be found at
www.dtc.org/impNtc/reo/reo_9516-06.pdf
The DTCC has been communicating with representatives of the Task
Force for several weeks. It has been apparent to me that the DTCC is
encouraging its participants to withdraw their certs from deposit at
the DTCC. The participants are the thousands of broker/dealers,
banks and clearing firms that use the services of the DTCC. As I
understand the process, the participants are being asked to send the
DTCC WT's (withdrawal by transfer instructions) so the DTCC can then
forward that participant's respective cert (or holdings) to the
transfer agent for change into the name of the beneficial owner. The
DTCC would then not have a depository position as to the shares
represented by this transfer request. There have been DTCC
participants (broker/dealers, banks and clearing firms) that for
some reason have either refused or neglected to order WT's of their
positions even though such action has been clearly called for since
November of 2005. The original deadline by CMKM for shareholders to
obtain their certs was December 31, 2005 as mentioned in this letter
from the DTCC. We had been seeing correspondence between the DTCC
and various broker/dealers for several months noting that the DTCC
was requesting that its participants obtain certs per the requests
of CMKM. Several firms complied promptly to the directions of the
DTCC and now have no security position in CMKM at the DTCC.
This directive dated April 5, 2006 was prepared by the DTCC
officials as an internal memo to its participants. It is apparent
that the DTCC wished to allow its participants the option to
voluntarily request withdrawal of their certs by April 14, 2006. It
is equally apparent that the DTCC is telling its participants that
if any respective participant does not withdraw all CMKM certs on
deposit or request that the DTCC transfer the participant's certs to
the Transfer Agent, then the DTCC will perform this task for the
participant. We have received many inquiries regarding the meaning
of this directive from the DTCC. The letter is self explanatory. By
May 15, 2006, the DTCC will have no CMKM on deposit if the acts set
out in this letter occur.
What does this mean to the participants? Once the DTCC forwards all
certs to the transfer agent or its participants, the beneficial
owners and customers of the participants must look exclusively to
their respective broker for their cert. The brokers can no longer
blame the DTCC or the Transfer Agent for any failure to provide a
cert to its customers.
As one of the members of the Task Force, I can tell you I am very
concerned because we do not anticipate any additional extensions
beyond May 15, 2006. We continue to receive communications from
shareholders who are unable to obtain certs from their brokers. The
actions of the DTCC will assist the Task Force in its efforts to
complete the distribution list of shareholders that will receive
their Entourage stock.
I am making my final recommendations to the other members of the
Task Force as to the final mail out to come shortly from the
company. When the company approves the final mailout to the
shareholders, I will comment further with more details about the
implementation of that mailout.
Onward,
Bill
